Oceans and Marine Cargo Insurance

WELL ADVISED, WELL PROTECTEDTM.

With the growth in international trade to emerging markets the issue of marine insurance takes on a new importance. Many elements impact availability, cost and scope of marine insurance coverage including the nature of your shipment, its final destination and the political environment of the countries involved. Our role as broker is to review all this information and provide you the options for insurance to meet your needs and minimize the risk involved in such shipments of goods

Marine Insurance coverage is specific to the perils covered and excluded. There are three basic forms of coverage known as Institute Clauses A, B and C. Some main areas to note are the FC&S (Free of Capture & Seizure) clause, which excludes war risks and strikes, riots and civil commotions and similar risks. As well to note are damaged goods are still subject to duty. This is where we come in and are able to provide you the advice needed to protect your shipment and know where the coverage is and how the policy will respond in the event of a claim.

Did you also know only the owner (typically the seller) of the goods can insure them? An agent can be appointed to deal with this on the owner's behalf. As well any other party with insurable interest (typically the buyer and/or potential owner) may arrange insurance; however they must be able to establish their legal insurable interest.

What is "General Average"? General Average is separate from the insurance. It is a system of claims settlement, founded on the principle of 'fairness to all', addressing ocean marine losses voluntarily for the safety of the entire venture, ship, freight and cargo. What this means is that, during the voyage, the property of one party may be sacrificed to save the rest. For example, a container on the vessels deck might have to be dumped overboard to stabilize the ship. Following such a sacrifice, when the ship safely reaches port, the fortunate party whose cargo was untouched should contribute to the loss of the party whose property was sacrificed. The contribution is levied on arrived values of the ship, cargo and freight.

Loss Prevention with Ocean and Marine Cargo

Statistics show, and you know how us insurance types love statistics, that 83% of all cargo losses are preventable. A carefully implemented loss prevention strategy reduces the time and expense of tracing, locating and making adjustments on lost, damaged or stolen merchandise.

With the onset of digital cameras, scanning capabilities and e-mail, the crucial Risk Management step of proper recording of items shipped is very easy to perform. It helps to eliminate much of the negotiation and speculation following a loss thus making the claims process much smoother!

With Hubbard Insurance Group, you can focus on running your business while we work to get competitive quotes for your consideration. To learn more or get a free quote contact us 905-696-9090 or Toll Free 1-800-900-2009 or better@hubbardinsurance.com. Where you will be Well Advised. Well ProtectedTM.

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Contact Hubbard Insurance Group where you'll be "Well Advised, Well Protected"TM.

"As you know, we have had our business & personal insurance through your office for over 10 years. I just thought you would like to hear that we have been extremely pleased with the work yourself and your team have done for us."

- Carlo Di Florio, Versa Graphics - Mississauga

Not only did Hubbard Insurance Group put me back on track with a very competitive rate for both my cars, both my boats and my home, they were able to undo the damage the other broker had managed to do in record time.
My heartfelt thanks to Hubbard Insurance Brokers!

Just a quick note to express our gratitude to you and your staff on a job well done. It is nice to know that when the chips are down we can count on your company to back us up.

- Robert Elder, Ontor Ltd

I was so relieved to have you guys on "my side" and working with me during the claims process. Thanks so much for being there.